Home Equity Loans & Lines of Credit

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Make memories in the home you have with a Home Equity Loan or Home Equity Line of Credit - now with NO CLOSING COSTS1!

Whatever your home loan needs are, we’ll help you find the right solution.

Home Equity Loan

With rates as low as 2.99% APR2

Home Equity Line of Credit

With rates as low as 3.25% APR3

Flexible terms - including interest-only payment.

The difference between how much you owe and your home’s worth can make all the difference in the world when it comes to affordable home improvements, debt consolidation and other expenses. With low fixed rates, closing costs and possible tax benefits (consult your tax advisor), it’s good to know you have access to cash when you need it.

Home Equity Loans with Greater Iowa

Home Equity Loans

A one-time loan with a fixed rate for monthly payments that fit within your budget.

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A fixed-rate, first lien ​position home equity loan product that allows you to consolidate debt. Click here for full details.

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Home Equity Lines of Credit

An open-ended, revolving line of credit used to tap into your home’s equity anytime you need it. This is not a fixed-rate loan product.

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Terms and Conditions:

APR = Annual Percentage Rate. Rates accurate as of 4/1/2020. Your rate will be based on your credit history and may vary based on creditworthiness, qualifications and collateral conditions. All loans are subject to approval. Offer not valid for real estate purchase transactions. Applies to owner occupied, 1-4 family residential real estate. If borrower does not accept the use of Assessed Value, they may request to order an evaluation or appraisal at their expense. Offer valid on applications received by 6/30/2020 and closed by 8/30/2020. Offer cannot be combined with any other offer. Home Equity Loans and Home Equity Lines of Credit are only available in Iowa.  Greater Iowa Credit Union reserves the right to discontinue the offer at any time.

The maximum rate for a home equity loan (HEL) is currently 7.01% APR. Estimated monthly payment example = $29.08 per $1,000 borrowed with a maximum LTV of 80% (payment example is based on 2.99% APR and a term of 36 months). Offer applies to home equity loans of at least $10,000 with a minimum three-year term. Maximum loan to value of 80% and maximum term of 10 years. Loan must be in second lien position only. All loans already financed at Greater Iowa Credit Union require qualifying new money of $10,000 or more.

The maximum rate for a home equity line of credit (HELOC) is 18% APR. Interest-only payments during 10 year draw period, then amortizes over 15 years from end of draw period. Rate is variable monthly and is based on Prime ten days prior to month end. Estimated monthly payment example during interest-only period = $2.71 per $1,000 borrowed with a maximum LTV of 80% (payment example is based on 3.25% APR, the lowest available rate as of 4/1/2020). Estimated monthly payment during amortization period = $7.03 per $1,000 borrowed and a term of 180 months. Offer applies to home equity lines of credit of at least $10,000. Maximum loan to value of 80%. Loans can be in first or second lien position. All loans already financed at Greater Iowa Credit Union require qualifying new money of $10,000 or more.